Chattanooga Area Under Flood Warning; High Winds Expected Saturday Night

GCAR Releases 2018 Housing Market Review

Tuesday, January 29, 2019 - by Kim Bass, president, Greater Chattanooga Realtors

The Greater Chattanooga Realtors recently released its 2018 Annual Report on the local housing market, and 2018 was a very busy year.

 

The average sales price was nearly $223,000, which is a 5.5% increase over 2017 ($211,000).

This increase might reflect a decreased housing inventory. More than 10,000 homes were sold in the Greater Chattanooga area in 2018, which was a 1.9% increase over 2017 (9,826 homes).

 

Inventory dropped slightly from 2017.

In 2017, there were approximately 3.3 months of inventory, while that amount dropped to 3.1 months in 2018. Maintaining a consistent housing inventory is critical, which is why Realtors continue to work with our elected officials to make sure homeownership remains attainable. and affordable for those in every income bracket.

 

The Days on Market (the average amount of time a property takes to sale) was 50 days. That is 15.3% faster than 2017, which was 59 days. Just to give some perspective, the average Days on Market for 2014 was 109 days. In other words, in 2014 houses took 54.1% longer to sell than in 2018. That is a fast market.

 

For those who feel like they might’ve missed out on the chance to own a home, Lawrence Yun, the Chief Economist and Senior Vice President of Research for the National Association of Realtors had some interesting insight in a recent interview. “The mortgage rate had been at 5%, and home sales in the latest month reflect those mortgage rates. The mortgage rate has dipped a bit to 4.5%, and it's giving a second chance opportunity for buyers, and some will take advantage,” said Mr. Yun.

 

When addressing predictions for 2019, Mr.Yun said that consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace. "The forecast for home sales will be very boring - meaning stable," he said.

 

2018 was a fast market, but the Greater Chattanooga Realtors worked tirelessly for their clients in a competitive market. No one can be sure what 2019 will mean for real estate, but the Greater Chattanooga Realtors will be prepared to assist their clients; no matter what how the market behaves.

 

 For more information on the 2018 Annual Housing report, visit gcar.net/consumer-tools.


City Council Approves 1 Short Term Vacation Rental In St. Elmo, Denies Another

Ragan-Smith Announces Expansion In Southside

Tennessee Home Sales Dip 7% In January


The City Council on Tuesday night considered two short term vacation rental permits in St. Elmo and there was opposition to both. The council wound up approving one and denying another. - ... (click for more)

Initially opened in 2011, the Southside Chattanooga office of Nashville-based Ragan-Smith Associates announced its partnership with neighbor architecture firm, Artech Design Group, to expand ... (click for more)

During January 2019, there were 4,460 single-family home sales in Tennessee, down seven percent from 4,799 a year earlier; while the median home price was $227,700, up eight percent from $209,500; ... (click for more)


Real Estate

City Council Approves 1 Short Term Vacation Rental In St. Elmo, Denies Another

The City Council on Tuesday night considered two short term vacation rental permits in St. Elmo and there was opposition to both. The council wound up approving one and denying another. - based on the recommendations of district representative Erskine Oglesby. The application by Jennifer Dixon at 4204 Seneca Ave. was approved though several residents expressed opposition. ... (click for more)

Ragan-Smith Announces Expansion In Southside

Initially opened in 2011, the Southside Chattanooga office of Nashville-based Ragan-Smith Associates announced its partnership with neighbor architecture firm, Artech Design Group, to expand and renovate its current location, 1410 Cowart St. The physical expansion will not only double the size of the office, it will also put the company one step closer to its goal of doubling the ... (click for more)

Breaking News

New Round Of Heavy Rain May Bring Significant Flooding To Chattanooga Area; High Wind Also Expected

A new round of heavy rain may bring significant flooding in the Chattanooga area, according to the National Weather Service. A Flood Warning covers Hamilton, Marion and Sequatchie counties. The forecast includes up to two inches of additional rain. High gusts of wind are also expected with the latest storm. Some locations that will experience flooding include Chattanooga, ... (click for more)

Mudslide Washes Away Subway Restaurant At Foot Of Signal Mountain; Nearby Employee Says: "It's Gone"; Flooding Closes Numerous Roads

A mudslide on Saturday morning washed away the Subway restaurant at the foot of Signal Mountain. "The Subway is gone," an employee of the nearby Shuford's Barbeque, said. She said a large amount of mud and debris washed down from the steep hillside behind the buildings. No one was inside the Subway. It had closed on Friday after a tree fell on it. The location is ... (click for more)

Opinion

Lights Out At The Brainerd Tunnel

Will someone please check into why the Brainerd Tunnel lights are off all week? This is the tunnel going from McCallie Avenue to Brainerd Road. The lights have been off all week. I called the city of Chattanooga at 311 and a lady said that was under jurisdiction of TDOT. She transferred me. I left a detailed message with my phone number, date and time. No return phone call ... (click for more)

Rep. Ron Travis: Weekly Wrap

House Republicans Unveil The CARE Plan Groundbreaking legislation to increase access, improve rural health and empower patients This week in Nashville, House Republican leaders unveiled a patient-centered, free market approach to transform healthcare in Tennessee by unveiling the CARE plan. This legislative package includes 11 different initiatives that will all reshape ... (click for more)